ICBC Outlines Recommendations for Spurring Blockchain Development in Chinese Finance

China and the world's largest bank in terms of assets has outlined a slew of proposals for expediting the development of blockchain applications in the Chinese financial sector. Speaking at the Fintech 50 Forum in Beijing on 24 November, Lv Zhongtao (吕仲涛), chief information officer of the Industrial and Commercial Bank of China (ICBC), made the following recommendations for driving blockchain development in the financial sector: – Top-Level design by the relevant authorities of the state; the strengthening of overall management, planning and deployment of innovation in blockchain technology applications; coordination of joint participation by financial institutions in the development…